Edinburgh Investment Consultants and Tom Munro Financial Solutions have joined Succession Advisory Services as member firms.
The new firms bring with them £200m of funds under management, taking Succession’s total FUM to more than £10bn.
This follows Succession’s first acquisition this year, which took place earlier this week, of Reading-based Finch Financial Services LLP for a total consideration of £3m, after the firm joined Succession as a member in 2012.
Last year, Simon Chamberlain, chief executive of Succession, said he plans to “fund the acquisition of the best 50 firms with £7bn of assets by the end of 2017 from our growing membership”.
Succession operates a staged buyout model that sees firms join first as members, at which point the group acquires a minority stake and sets out a series of ‘expectations’. When all of these have been met, Succession acquires the share it does not own, to provide an exit for the owner.
Mr Chamberlain said: “Our proven model to transition, then acquire already successful wealth management firms, continues to resonate with businesses seeking to build capital value while continuing to deliver a whole-of-market and uncompromising client-centric service”.
Lesley Mackintosh, chief executive of Edinburgh Investment Consultants and founder and innovator of subsidiary brand Independent Women, Scotland’s first specialist advice firm for women, added: “Joining Succession as a member is a great opportunity to join like-minded businesses and deliver a market leading service for our clients based on best practice”.
This story was amended immediately after publication to remove a reference to the firms having been acquired.